Vista Gold Corp. Announces 2023 Financial Results

Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2023, with cash totaling $6.1 million at year-end. All dollar amounts in this press release are in U.S. dollars.

During 2023, the Company focused on the efficient use of cash and strengthened its balance sheet by completing a $20 million royalty transaction (“Royalty”). Pursuant to the terms of the Royalty, we received $3 million in December 2023, $7 million in February 2024, and expect to receive the remaining $10 million during the first half of 2024.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Our team successfully executed on a number of key initiatives during 2023 and we are off to a great start in 2024. During this period we:

• completed an internal scoping study that we believe confirmed the potential for a smaller-scale, staged development strategy for Mt Todd;
• extended the term of the agreement with the Northern Territory Government pertaining to Mt Todd through December 31, 2029 with the option for a three-year extension;
• started a drilling program targeting shallow gold resources at the north end of the Batman deposit which is expected to add near-surface gold resources, benefiting the mine production schedule and project cash flows in early years;
• published our inaugural ESG report, which recognizes our belief in the importance of conducting our business in a responsible and sustainable manner, and our commitment to aligning our business practices with current and evolving ESG principles to ensure the long-term success and positive impact of our operations; and
• recently announced the results of the updated feasibility study for Mt Todd that includes capital and operating costs, gold price, and foreign exchange rates reflective of current market conditions, with project economics that are approximately the same or slightly better than reported two years ago, inclusive of cost increases that have affected the entire gold mining sector.”

Mr. Earnest continued, “Our top priority in 2024 is realizing value for our shareholders. Receipt of the Royalty funding enables us to move forward strategically in our efforts to de-risk Mt Todd and maximize value. We continue to work with CIBC Capital Markets (“CIBC”) to identify and advance interest in Mt Todd and are focused on achieving a transaction that maximizes shareholder value. We plan to leverage the results of the drilling program and prior technical studies by advancing evaluations of smaller-scale, staged development scenarios at Mt Todd with a focus on lower initial capital costs. Our evaluation of a smaller-scale, staged development strategy for Mt Todd complements the work that we are doing with CIBC and increases optionality.”